Pressured by rumors about the actual number of BTC held in his digital vaults, Coinbase crypto exchange CEO Brian Armstrongsaid on Twitter that his the company holds about 2 million BTCabout $40 billion in Bitcoin.
Brian Armstrong warns of many rumors currently roiling the crypto sector Following bankruptcy the latest news from the giant FTX which is putting many other cryptocurrency companies in trouble.
A CEO of Coinbase who also has to deal with Coinbase stock volatility which reached its historic low, exchange rate indeed fell to the $40 level.
If you see FUD around you – remember, our finances are public (we are a public company) https://s27.q4cdn.com/397450999/files/doc_financials/2022/q3/Q32022-Shareholder-Letter.pdf.
We hold about 2 million BTC. ~$39.9 billion as of 9/30 (see 10Q)
We must all come together to build this industry responsibly in the future. Beware of false information. »
We hold ~2 million BTC. ~$39.9 billion in value as of 9/30 (see 10Q) pic.twitter.com/TFINAgOSeZ
—Brian Armstrong (@brian_armstrong) November 22, 2022
While various crypto exchanges like Binance or Kucoin have published theirs proof of reserves in Bitcoin and cryptocurrencies, Coinbase aims to silence rumors about it by releasing these financial documents that show the US crypto exchange currently holds around 2 million BTC.
Some skeptics, including Binance’s CEO, questioned the latest statements from Coinbase. Brian Armstrong hopes to clear things up in order to reassure his customers and the entire crypto community, which fears the bankruptcy of another major player in the sector.
Gray stairs AND Genesis are the last companies in the sector about which doubts remain about the sustainability of their financial health.
Genesis is really lookinga billion dollars to avoid bankruptcy, the crypto-lending platform will not be able to count on the help of the giant Binance, which raises a possible conflict of interest with the Genesis business model, Click here to read our article.
As for the Grayscale Bitcoin Trust fund, it has to deal with rumors about its BTC assets. As we mentioned in a ITEM Earlier, Coinbase confirmed that it indeed holds 635,000 BTC on behalf of Grayscale.
After the fall of the FTX empire which revealed frauds that were being developed within the crypto exchange previously run by Sam Bankman-Friedthere is now a race for transparency among crypto trading platforms in this sector.
CoinMarketCap has also implemented a feature that displays the “proof of reserves” of crypto exchanges that provide this data, Click here to read our article.
If Coinbase does not publish “proof of reserves” on the blockchain, its CEO points out that Coinbase is a regulated, publicly traded company and that its audited accounts are therefore public.
Which unfortunately does not provide real-time data about the crypto assets actually held by the crypto exchange.
In the face of all these agitations that are managing the crypto market, The price of Bitcoin remains uncertain and is currently around $16530, Click here to follow the BTC course directly.